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Calgary’s real estate market is heading into the winter months in relatively balanced territory overall, even as higher-density segments tilt more clearly toward buyers.
As expected for the season, sales, new listings, and inventory levels all slowed compared to last month. However, inventory is still higher than typical November levels, which is putting some downward pressure on prices in certain property types.
November saw:
1,553 sales
2,251 new listings
A sales-to-new-listings ratio of 69% (a more balanced level)
5,581 units in inventory, which is:
28% higher than last year, and
Over 15% higher than a typical November
CREB® Chief Economist Ann-Marie Lurie explains what’s driving the shift:
“Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment style units. This is partially related
Specifically, the Detached segment saw a sale of 823 units, slightly lower than last year’s levels but consistent for November. A reduction of new listings helped supply, but inventories remained consistent with long-term trends. We’re in a balanced market, with about 3 months of supply. As a result, we saw priced dip to ~$733,000 down by ~2% YoY, with the NE quadrant of the city taking most of that adjustment.
